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Literature Revuew on Innovation
Engineering and Construction
Pages 12 (3012 words)
Literature Review on Innovation Abstract Innovation had long been recognized as an important driver of firm profitability and performance, and as a vital source of competitive advantage in any industry. The ability of a business to arrive at creative and insightful designs and methods by which it may meet consumer demands and expectations has always been an attribute that culls consumer loyalty to its products and services.
In comparative studies among various commercial undertakings, the construction industry noticeably lags behind in terms of innovation, research and development. Industry participants cite the overriding emphasis on cost minimization in an era of constantly rising materials prices, skilled manpower costs, and administrative expenses. Recent institutional initiatives have been taken to promote innovation in construction, such as the formation of integrated teams and innovative leadership, the most efficient use of information transfer and knowledge management, radical breakthroughs in materials research and construction methods and techniques, and the education of the public to develop a culture more receptive to innovation. The enhancement of an innovative culture in construction requires a broad-based and concerted collaboration among industry firms, associations, regulatory agencies, and other entities in the value chain. ...
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